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India-Mercosur States Provide FTA Update

by Mike Godfrey, Tax-News.com, Washington

24 March 2016


Mercosur states and India discussed their plans to expand their trade agreement that covers goods, at a meeting on March 16, 2016.

The discussions took place before the World Trade Organization's (WTO's) Committee on Trade and Development, giving WTO member states an opportunity to ask questions about the countries' proposals to expand the agreement.

The trade agreement, which entered into force in 2009, covers over 450 tariff lines for each party. The deal has been described as the first step towards the creation of a free trade area among the parties – Argentina, Brazil, Paraguay, Uruguay, and India. Venezuela, a Mercosur member, is not party to the agreement.

India told member states that they have agreed on the need to "significantly increase" the number of tariff lines so that it covers a "sizable portion" of bilateral trade. A proposal to expand the deal, exchanged in 2013, is still under review, they told members.

TAGS: tax | free trade agreement (FTA) | India | Paraguay | Uruguay | Venezuela | export duty | tariffs | World Trade Organisation (WTO) | food | agreements | Brazil | import duty | trade | Argentina

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